SingularityNET’s AGIX Leads AI-Focused Token Pump Narrative in New Year

The hot news surrounding the artificial intelligence (AI) tool ChatGPT is also inspiring an upsurge in AI-focused tokens in the crypto market.

Blockchain AI project SingularityNET led Wednesday's AI and big data token board, with its utility token AGIX surging 18% in the past 24 hours and 80% over the past seven days, according to data from CoinMarketCap.

AGIX’s price jump started around Tuesday, following the news that Microsoft plans to invest $10 billion in OpenAI, the startup behind the popular artificial intelligence tool ChatGPT. The token’s price climbed to as high as 10 cents on Wednesday before settling back to 8 cents as of press time.

The token’s trading volume has also surged 529% in the past 24 hours, CoinMarketCap’s data shows.

SingularityNet is a decentralized protocol-backed suite that allows AIs to coordinate in a scalable, interoperable way. In May 2022, SingularityNET and SingularityDAO announced they received $25 million to accelerate AI-backed decentralized finance (DeFi).

The AGIX token, launched in 2018 and rebranded in 2021, works across multiple chains such as Cardano and Ethereum.

Other AI- and big data-related tokens have been on the rise lately, as well. Google of the Blockchain The Graph’s native token GRT has risen 15% over the past seven days, while AI platform's native token FET has surged over 60% over the same time period.